Why Dubai and Singapore became the first choice of billionaires? | Jagran Business

The Henley Private Wealth Migration Report 2023 predicts that 6,500 high-net-worth individuals (HNIs) from India will depart the nation in 2023. However, this is less than the 7,500 millionaires who left last year.As per the report, China has lost the most number of high net worth individuals followed by India, UK and Russia. Indians with money continue to favour travelling to Dubai and Singapore. Due to its Golden Visa programme, advantageous tax structure, powerful business ecosystem, and secure, tranquil atmosphere, Dubai is especially favoured.

According to Dominic Volek, Group Head of Private Clients at Henley & Partners, factors influencing Indians to relocate include safety, security, healthcare, education, climate change resilience, and crypto-friendliness. According to the survey, however, the exodus of billionaires is not particularly alarming because India has continued to be one of the world's wealth markets with the quickest rate of growth. According to New World Wealth, the wealth of high net worth individuals will rise by 80% by 2031. According to the analysis, the country's flourishing financial services, healthcare, and technology industries will be the main drivers of this expansion.